Today, Experian and the nationwide credit reporting agencies announced another important step in our work to improve the credit lives of consumers and create a healthier financial ecosystem. The settlement between 31 state attorneys general and Experian, Equifax and TransUnion concludes months of productive discussions and our industry is proud of the results.
I want to share with you what the industry announced today:
Stuart Pratt, President and CEO of the Consumer Data Industry Association, said, “In March, the three nationwide credit reporting agencies announced an unprecedented National Consumer Assistance Plan to enhance their ability to collect accurate consumer information and to provide consumers with a better experience in interacting with the national credit reporting agencies about their credit reports.
That plan, which arose out of collaborative discussions between the three agencies and a group of state attorneys general and the attorney general of New York, will enhance credit report accuracy, increase transparency, and provide meaningful benefits to consumers. Those benefits, which will be rolled out nationwide, stand as an example of what can be achieved when private industry and government officials work together.
“In the interest of concluding the dialogue with the group of state attorneys general and with the goal of moving forward with the National Consumer Assistance Plan, we have agreed to the settlement announced today.
The three nationwide credit reporting agencies have been in compliance with federal and state law, but as we showed in launching the National Consumer Assistance Plan, we do not hesitate to make improvements beyond what the law requires when doing so will benefit consumers.
With the exception of the financial payments the credit reporting agencies are making to the attorneys general to cover the costs of their investigations, consumer education and other purposes, the settlement essentially adopts the plan announced with the New York attorney general.”
As I’ve said time and time again, at Experian we are continually – and voluntarily – enhancing our internal processes to create solutions that improve the experience consumers have when working with us. We’re striving for ever-greater accuracy, streamlining the dispute process and helping consumers understand the fundamentals of credit management and how they can benefit from this growing marketplace reliant upon credit.
We are proud of this work, but we’re not satisfied yet.
We will continue to work to empower the American consumer in a way that is secure and accurate – just as we have been doing for years.
You have our commitment.